Older White Folks Flee Their California Homes, Latinos Buy Them Up
A USC study of home ownership in California found that older white folks were abandoning their homes and that Latinos were apparently buying them up (sort of like your old Buick Regals, too).
In fact Latinos in California were responsible for nearly 80 percent of the the state's "homeowner growth" in the '00s, according to a USC statement released today.
The oldsters are slipping, according to USC's look at census data, titled, "Attrition of Homeownership in California in the 2000s" (PDF).
... The state's oldest residents fled the housing market in greater numbers between 2000 and 2010 than during the previous two decades.
And there's more where that came from. The 75-and-older crowd continues to sell out for retirement and to get away, apparently. The trend will intensify as baby boomers get older, according to USC.
"We're depending on young Latino homebuyers to keep the market afloat, with some help from Asians, too," said report author Dowell Myers.
Gosh, this is like an old white racist's worst nightmare, isn't it? Browns and Asians? But it's nothing new. Look at the minority takeover of such previously white bastions as Lawndale and Gardena.
It's sort of like what happened to such previously white-girl names as Ashley and Caylee. (It's a trip hearing immigrant parents call out for their baby Ashley with Spanish accents).
Anyway, USC calls for more pedestrian, "elder friendly" developments to stem the tide of old, white flight.
We also propose free Matlock piped in via cable 24/7.